Disadvantage are the resources to be use like internet connection, devices to store the files to access the bitcoin in the blockchain, the keys that you can't remember due to long characters being used, the possible hacking activity by hackers, scammers, fraudsters and phishers. All of this are disadvantagr but we can say that all can be prevented and we know also that bitcoin is a secured system.
These are not really the disadvantages because internet is free and no resources has been used extra, and if bitcoin become main payment medium then we don't need banks which means we can save lot of work force, electricity,tax money to pay the employee and all other expenses so we are going to save more than 90% actually. 
Topic: What do you think is the biggest disadvantage of bitcoin? - page 4. (Read 1922 times)
Talking about the word "Biggest Disadvantage" is not appropriate because if there is some things that is not serving us from Bitcoin it cannot be that big.
of course first the volatility in which many has been asking why need this to happen not knowing that with this we can generate or lose money.
Why irreversible but this is one of the safest way to generate transactions.
of course first the volatility in which many has been asking why need this to happen not knowing that with this we can generate or lose money.
Why irreversible but this is one of the safest way to generate transactions.
Its obviously for me the transaction cost. If i send 0.001 btc than sending fees 0.0005-8 as well as if i send 0.1 btc transaction fees are remaining same. Its too hard to believe sometime if u send 7$ in btc fee is 6$.
This is not permanent because it change from time to time and we also have option how much to use. 
The biggest disadvantage of bitcoin is still illegal payment transaction when we got problem with sending or our wallet stole by the other we can process to the law because not get legal as currency payment transaction and bitcoin not available for investing. During bitcoin keep safety for saving and holding maybe we not afraid for hold bitcoin in long term, but when get problem we can't know what have to do if our bitcoin fund is gone. Maybe when bitcoin have been legal payment transaction many people will use and invest on bitcoin because anything get legal will give positive and any respond from many investors.
Its obviously for me the transaction cost. If i send 0.001 btc than sending fees 0.0005-8 as well as if i send 0.1 btc transaction fees are remaining same. Its too hard to believe sometime if u send 7$ in btc fee is 6$.
I personally feel that utilizing illicit bitcoin is a major weakness and that is the motivation behind why numerous nations don't acknowledge it.
At the point when we send money to somebody for criminal operations, the bank makes a move promptly and capture you.
The reality is the bank has the capacity to follow fiat exchange and know where our cash goes.
Lawbreakers are very much aware of it and they utilize bitcoin so banks can not way to deal with it. Else I never observe bitcoins has any detriment.
The problem with this argument is that this makes it seem as if it is impossible to commit any kind of crime with fiat currencies, and even if we exclude cash which is completely anonymous and cannot be controlled we know that many financial institutions are at the service of criminals and corrupt politicians and despite having the opportunity to stop large operations that they know are completely illegal they decide to allow them so this argument holds no ground in my opinion. At the point when we send money to somebody for criminal operations, the bank makes a move promptly and capture you.
The reality is the bank has the capacity to follow fiat exchange and know where our cash goes.
Lawbreakers are very much aware of it and they utilize bitcoin so banks can not way to deal with it. Else I never observe bitcoins has any detriment.
One of the biggest disadvantage of bitcoin is, know the time to sell or buy in the market.
I don't believe that this is a disadvantage. At least not on bitcoin itself. My question goes on what bitcoin can't provide to its users.Disadvantage are the resources to be use like internet connection, devices to store the files to access the bitcoin in the blockchain, the keys that you can't remember due to long characters being used
That's why we use a seed, for 2 main reasons. 1) Less characters to remember/write down.
2) Access to unlimited addresses, instead of one.
If everyone on the planet had the opportunity to participate in bitcoin mining, bitcoin would be more decentralized.
That's true, but as long as no one touches the 51% of CPU power, it remains purely secure. As for the decentralization, it will always be. Mining doesn't make it more centralized. 
In my opinion, the main disadvantage of Bitcoin is the centralization of its mining.
At the same time, there is both monopolization of the production of mining equipment and monopolization of the hash rate. Currently, the main manufacturer of mining equipment is Bitmain. If everyone on the planet had the opportunity to participate in bitcoin mining, bitcoin would be more decentralized. Currently, many people are not involved in the mining of bitcoins and in the process of maintaining the network of the first cryptocurrency.
Many people see Bitcoin solely as a speculation tool. Bitcoin lacks ideological supporters involved in the industry.
At the same time, there is both monopolization of the production of mining equipment and monopolization of the hash rate. Currently, the main manufacturer of mining equipment is Bitmain. If everyone on the planet had the opportunity to participate in bitcoin mining, bitcoin would be more decentralized. Currently, many people are not involved in the mining of bitcoins and in the process of maintaining the network of the first cryptocurrency.
Many people see Bitcoin solely as a speculation tool. Bitcoin lacks ideological supporters involved in the industry.
Disadvantage are the resources to be use like internet connection, devices to store the files to access the bitcoin in the blockchain, the keys that you can't remember due to long characters being used, the possible hacking activity by hackers, scammers, fraudsters and phishers. All of this are disadvantagr but we can say that all can be prevented and we know also that bitcoin is a secured system.
As all know, the disadvantages of Bitcoin are highly paid fees, late confirmation, unsecure main systems, highly volatile, compared by many, etc. Having that it is the number one digital currency but offline it has a more complex situation. In my sense, the most important disadvantage is scams in BTC.
But there are times that the mempool is not busy. However, if this will be used for payment method, I don't think people will want to wait for the time that they can pay low fee for their transaction. So for me, the biggest disadvantage is the fee when it comes to payment options and the time of confirmation. But for remittance purposes, btc has advantage as you will pay relatively low fee at a faster time as compared to big remittance companies like WU.
The decentralization should be an advantage but the space is actually controlled by some people. It is difficult to deny the manipulation of price and the process of hoarding. Bitcoin cant be the king in the space for ever and the whales will become threat in the space in the future. A million bitcoin holder can easily manipulate the market that holds trillions of dollar that is in the world economy, it could be threatening to government and world leaders.
I agree with you, that it is difficult to avoid market manipulation for crypto users. But I understand how the whales control the market, and there are a few tricks to avoid the whales' manipulation of the market. 1. Do not often monitor the order book. The less that depends on measuring the depth of the order book, the better. Most exchanges allow traders to minimize the order book from the trading screen display.
2. ignore large individual trades and focus on longer price trends to avoid confusion to avoid wash trading.
3. avoid detection when whales prop up prices to liquidate their exposure by taking a long-term look at crypto price action.
micro-transactions are not suitable for bitcoin. like you said, we could pay more fees with a longer confirmation time just to make a small transaction.
however, big transactions could get benefits from bitcoin. you can read it on this forum, a month ago there is a thread about a huge bitcoin transaction. the sender only pays $3.54 for the fee. a big and cross-border transaction surely gets the benefit from bitcoin. https://bitcointalksearch.org/topic/bitcoin-whale-transfers-1-billion-in-bitcoin-and-pays-354-in-fees-5285199
meanwhile, I used my debit card a few days ago to buy computer stuff, it charged me 1%
it's a cross-bank local transaction.
however, big transactions could get benefits from bitcoin. you can read it on this forum, a month ago there is a thread about a huge bitcoin transaction. the sender only pays $3.54 for the fee. a big and cross-border transaction surely gets the benefit from bitcoin. https://bitcointalksearch.org/topic/bitcoin-whale-transfers-1-billion-in-bitcoin-and-pays-354-in-fees-5285199
meanwhile, I used my debit card a few days ago to buy computer stuff, it charged me 1%
it's a cross-bank local transaction.
One of the biggest disadvantage of bitcoin is, know the time to sell or buy in the market. I find it difficult to understand when and where to sell my coins that will enable me to make a good profit in the market. Many people have lose their profit base on, they buy when they suppose sell in the market.
When you buy when the price of bitcoin is low and wait for the market to go up so that you can sell and make a good profit.
When you buy when the price of bitcoin is low and wait for the market to go up so that you can sell and make a good profit.
As all know, the disadvantages of Bitcoin are highly paid fees, late confirmation, unsecure main systems, highly volatile, compared by many, etc. Having that it is the number one digital currency but offline it has a more complex situation. In my sense, the most important disadvantage is scams in BTC.
Being characterized as an speculative bubble, volatility of bitcoins and transaction fee is the biggest disadvantages to some users and investors like me. Aside from that, Internet connection and speed in any part of the world can be considered too. I agree with the several people here that keep saying it. Without an internet, we definitely cant access our digital wallets and do some transactions. And with the transactions itself, higher fees brought so much pain to us who really work hard just to earn profits.
We keep saying bitcoin is a nice currency, because of lots of reasons like deflation, freedom etc. There are times though that we find some kind of inconvenience on its use.
IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
I would highlight solely one trait that could be contributed to disadvantage of bitcoin and that is non-fungible nature. All others could be either accepted, or they would fall apart themselves, provided that bitcoins were fungible entities.
The average person complains of quite expensive transaction fees and longer delivery times than fiat currency transfers, but on the other hand, bitcoin can make us rich in the near future, as happened at this time, namely a fairly high price increase. with the huge advantage of bitcoin, all the shortcomings of bitcoin are not a problem for me.
That complain about slowness and transaction fee never gets old. I've done many times and transacted with the current recommended fees and I don't find it expensive at all. The confirmation time is good and it didn't take any longer. Despite we're on the bull run, the confirmation time is better this time compare to the bull run of 2017. One problem that I can see is not for bitcoin but for people who comes out when bitcoin is getting the attention when it's pumping. 
The average person complains of quite expensive transaction fees and longer delivery times than fiat currency transfers, but on the other hand, bitcoin can make us rich in the near future, as happened at this time, namely a fairly high price increase. with the huge advantage of bitcoin, all the shortcomings of bitcoin are not a problem for me.
Personally speaking, transaction fees and processing time are the biggest disadvantages of bitcoin.
The two things I've mentioned are pretty much of a hassle whenever I'm using bitcoin specially when I'm exchanging. The transaction fees are way too high for a small amount I'm going to exchange. I feel like the exchangers are charging up higher rates than the what they're supposed to. In addition, the processing time of a single transaction takes a quite long time to be confirmed. It takes for about 10 minutes for one transaction. If you are planning to have 6 transactions, that's for about an hour to process which is a long time compared to other digital platforms wherein, in a matter of seconds, confirmation receipt is guaranteed to be received by the user.
Hopefully these issues will be addressed in the future, so that it won't be a headache to most users of bitcoin.
The two things I've mentioned are pretty much of a hassle whenever I'm using bitcoin specially when I'm exchanging. The transaction fees are way too high for a small amount I'm going to exchange. I feel like the exchangers are charging up higher rates than the what they're supposed to. In addition, the processing time of a single transaction takes a quite long time to be confirmed. It takes for about 10 minutes for one transaction. If you are planning to have 6 transactions, that's for about an hour to process which is a long time compared to other digital platforms wherein, in a matter of seconds, confirmation receipt is guaranteed to be received by the user.
Hopefully these issues will be addressed in the future, so that it won't be a headache to most users of bitcoin.
The post clearly stated the disadvantages of bitcoin and I can see a lot of folks still defending bitcoin . I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.
. I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.For me the only drawback of bitcoin was the mere fact that it was a very volatile currency which makes it also a unique characteristics of bitcoin too. And this was the sole reason that every traders should be keep in mind and not to deny it because we face it a lot. And this was also the major challenge in bitcoin that we should overcome to be able to generate an income from here. Even bitcoin has a good side still we can't deny that it also has a bad side.
Good and bad sides will always exist in a business, especially in the financial sector, but in terms of benefits and principles, bitcoin remains unchanged. Because basically bitcoin exists as a tool for alternative transactions from conventional transactions.
Of course, as we know now that some have started to accept bitcoin, like paypal and others, it is not impossible that the banking system will also be able to cooperate in the near future.
The post clearly stated the disadvantages of bitcoin and I can see a lot of folks still defending bitcoin . I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.
. I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.For me the only drawback of bitcoin was the mere fact that it was a very volatile currency which makes it also a unique characteristics of bitcoin too. And this was the sole reason that every traders should be keep in mind and not to deny it because we face it a lot. And this was also the major challenge in bitcoin that we should overcome to be able to generate an income from here. Even bitcoin has a good side still we can't deny that it also has a bad side.
Jump to: